How YouTuber Max Fosh became the richest man for 7 minutes
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London: That oomph lasted for just 7 minutes precisely---the oomph of being the richest. YouTuber Max Fosh claimed to have surpassed the wealth of tech billionaire Elon Musk—enjoying the vicarious feeling of being the richest.
How he made this happen? Max Fosh, hailing from UK, pivoted on a market capitalisation loophole. The idea must have been working for him. It soon appeared to him personally being at the top of money table. Before heading further, it dawned on him that he was at risk of being accused of fraud. Ugh! That was the end of the oomph. In a video Max delineated how he achieved this and why she shut down his own company.
"In the UK, it's quite easy to set up a company. There's something called the company's house, and you essentially fill a form," Mr Fosh said, explaining the procedure. The name for the company should end with "Ltd", and he amusedly called his venture, 'Unlimited Money Ltd'.
Now, the company should deal in something and his choice was manufacturing macaroni, noodles, couscous and similar farinaceous products. "I don't know what farinaceous means, but that's what the company does," he said.
Next he worked out the kinks of shares, deciding on 10 billion. "If I created and registered a company with 10 billion shares, and then sold one of those shares for 50 pounds, that would legally value my company at 500 billion pounds, thus making me the richest man in the world, absolutely decimating my nearest rival Elon Musk," Mr Fosh said in the video.
Finding investors was not easy. However, the YouTuber set up his shop on a London street with just two chairs and a table. "Despite my energetic pitch, the no's kept on coming," he says. After initial setbacks, there came the first investor - a woman who bought one share for 50 pounds.
He asked her why she would like to invest in this company. "On a whim, I feel like it's meant to be, and I'll get something from it eventually, " She replied. The trouble was soon in the making. Max Fosh received a letter presumably from the authorities.
"Given the range of information provided to us, the market cap of Unlimited Money Ltd has been assessed as 500 billion pounds. Due to lack of revenue activity, there is a high likelihood that you are being accused of fraudulent activity. It is the reason we highly recommend Unlimited Money Limited is dissolved as a matter of urgency." It read.
Mr Fosh wouldn't wait before dissolving his company. But for 7 minutes, the YouTuber claimed to have been the world's richest man. His video on the vicarious experience of being the richest was viewed over 5.8 lakh times. Many commented and one person sounded out "So when can we expect the release of "Unlimited Money (TM) Pasta"? Another person urged him to take the first investor out on a shareholders dinner.